Multiple Choice: JumpstartFor you to understand the lesson well, do the followingactivities, Have fun and good luck!PRE-TESTMultiple Choice: Choose the letter of the correct answer. Write your answer ona separate sheet of paper.1. What economic term refers to the amount of some goods or services thatare consumers willing and able to purchase at each price?A. DemandI.B. EquilibriumC. MarketD. Supply2. What economic term refers to the quantity of goods that the seller is willing to offerfor sale?B. EquilibriumC. PriceD, SupplyA. Demand3. Which refers to the quantity of a commodity that producers are willing to sell at aparticular price at a particular point in time?A. Quantity suppliedB. Supply4. Choose the word that makes the statement incorrect in this statementsubstitution effects of goods, when the price of mango increases, pineapple canbe a substitute for mango.A. IncreasesB. Pineapple5. Headline news today, September 28, 2020, that the price of gasoline per liter willrise on September 30, 2020. What is the result of this news?A. Supply of gasoline decreases.B. The price of a liter of gasoline falls today.C. Today's demand for gasoline increases.D. Today's supply of gasoline increases.C. Supply scheduleD. Supply curve"InC. SubstituteD. Substitution effectsII. Identification: Read and analyze the question. Identify what is being asked in thesentence. Write your answer in a separate sheet ofpaper.1. It states that other factors being constant (ceteris paribus), price, andquantity demand of any goods and services are inversely related toeach other. When the price of a product increases, the demand forthe same product will fall.2. Using the same assumption of ceteris paribus, there is directrelationship between the price of a good and the quantity suppliedof that good.3. It is the interaction between buyer and sellers of trading or exchange.4. The state in which the market supply and demand balance eachother.5. The total number of units purchased at that price.TRUE OR FALSE: Write the word TRUE if the statement is correct and FALSE if it isorrect about the non-price determinants of demand and supply.1. A good for which consumers' tastes and preferences are greater, its demandwould be large, and its demand curve will therefore lie at a higher level.2. The higher income means greater purchasing power.3. When the price of a substitute for a good fall, the demand for that goodwill5.

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11, do the following nswer. Write your answer on ods or services that rice? Kiddng 'a at the seller is willing to offer D, Supply lucers are willing to sell at a chedule irve n this statement increases, pineapple can tion effects price of gasoline per liter will s news? what is being asked in the (ceteris paribus), price, and ces are inversely related to increases, the demand for bus, there is direct nd the quantity supplied

11, do the following nswer. Write your answer on ods or services that rice? Kiddng 'a at the seller is willing to offer D, Supply lucers are willing to sell at a chedule irve n this statement increases, pineapple can tion effects price of gasoline per liter will s news? what is being asked in the (ceteris paribus), price, and ces are inversely related to increases, the demand for bus, there is direct nd the quantity supplied

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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